Canadian Unemployment

The Canadian Dollar edged higher against the US Dollar and Pound on Friday after Statistics Canada data cast the local labour market in a resilient light for July, easing market concerns about the jobs outlook.

The Canadian Dollar shrugged off a second consecutive month of job losses on Friday when showing resilience in the face of a rising U.S. Dollar and pushing GBP/CAD lower ahead of the weekend.

The Pound-to-Canadian Dollar rate tumbled on Friday and remained under pressure after Statistics Canada hit a February job marktet ball right out of the park, prompting a bid for the Loonie that exacerbated an already heavy sell-off in GBP/CAD ahead of the weekend.

Canadian Dollar exchange rates were choppy on Friday as economists looked beyond Statistics Canada's bettter-than-expected October jobs report, preferring instead to focus on the challenges ahead, while unrelated volatility was seen in U.S. stock markets and the bigger Dollar.

The Pound-to-Canadian Dollar rate was left flailing on Friday as the Loonie celebrated a better-than-expected July jobs report with gains over other major currencies, while all remained on the back foot against the U.S. Dollar. 

The Canadian Dollar strengthened Friday after official data caught the market off-guard with a strong increase in job creation during January, although analysts are sceptical of whether the gains will be maintained for very long.

The Canadian Dollar strengthened rapidly Friday after November's labour market report showed the economy creating jobs at a rapid clip, enough to push the unemployment rate to a record low. 

The Canadian Dollar handed back earlier gains and slipped lower midway through the final session of the week after the latest official data showed the labour market cooling its heels in October, which will do little to encourage markets to become more confident in pricing future interest rate rises from the Bank of Canada (BoC).

The Canadian Dollar ceded ground to rivals Friday as markets overlooked a stronger-than-expected jobs number to focus on details in the latest official data that suggest the labour market may have lost some momentum in September.

The Canadian Dollar handed back earlier gains Friday after official data showed the nation's labour market wobbling in August, countering optimism that prevailed after a Bank of Canada (BoC) deputy governor said policymakers recently contemplated stepping up the pace of their interest rate rises.